Homework on Consensus - Questions

Blockchain and Bitcoin 101
#904
  1. Consensus is an agreement between the people or computers in the network what is true and what is not.
  2. In a central database you have someone you need to trust they are telling the truth. And people lie without incentive to tell the truth if a lie benefits them more.
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#905

  1. That every transaction is checked by every participant on the Blockchain. Only if everyone agrees (if there is a consensus) the new Information is added onto the Blockchain.

  2. On the Blockchain everyone has to agree with a certain transaction, so that it can be added onto the Database, with normal centralised Databases you could cheat easily by smearing someone for ex. The Key difference is that “normal” Databases are controlled by One Party, the Blockchain is a distributed Network of Nodes, each of which are checking every new transaction.

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#906

Consensus determines truth since no transaction can be processed without the confirmation/consensus from the network in the Blockchain. If it is confirmed it is added to the ledger, if not it is ignored.
Here it is decentralized, transparent and public. Also it is immutable and no one has control over the information and can intervene in manipulation of data.

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#907

1 . Consensus determines the truth in blockchain because all parties are incentivised to verify information, which means that no individual party can make a claim which is not agreed on by the entire system.
2. A central database can contain data which claims to be truth, but this data can be edited at any time by any individual with access to that database.

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#908
  1. Consensus is, if the participants of the network agree on valid transactions in a block. they´re incentivized to be honest by getting money.
  2. In a central database the controlling entity can determine whats in/out or swap numbers. so all users have to trust the entity. With Blockchain there is no need to trust an entity.
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#909

  1. What does it mean when we say that in blockchain, consensus determine the truth? All nodes in the network have to agree the transaction is true before the transaction is added to the blockchain.

  2. How is this different from how truth is determined in a central database? In a central database you are forced to trust the person entering the data or confirming the transactions.

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#910

  1. That means that all network of computers have to agree on what is true and what is not true !

  2. It is different because truth is not determined from single party but consensus of all participants involved !

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#911
  1. Consensus determines that data in the blockchain was checked and confirmed by multiple parties.
  2. In a central database, the main party that controls the database can write their version of the “truth”.
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#912

  1. That all parties agree that that transation is valid.

  2. That only one partie determinted this with out consulting others.

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#913

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Every ledger/computer has a copy of the blockchain/database. This makes several parties come to an agreement. As this is verified we dispose the question Truth or not?

  2. How is this different from how truth is determined in a central database?
    In a CD there is an authority which can control the truth and change the outcome

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#914

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    In blockchain that means that all computers in the network need to agree on every transaction and all computers need to confirm them. They need to agree with each other and play by the rules. That is how consensus works in the blockchain.

  2. How is this different from how truth is determined in a central database?
    In a central database the truth is determent by what a supplier claims the truth is, and this is not properly checked. In blockchain and when there is consensus between all companies you can check whether or not the supplier is telling the truth by looking at his supplier. In this way you can trace all produce and you have a trustless supply chain.

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#915

1* Consensus determines the truth by incentives.

2*Central databases are controlled by one authority that can change or delete data. Whereas in blockchain many different computers have to reach agreement on the truth and are incentivized to do so.

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#916

  1. Consensus determines the truth because it is verifying transactions with other nodes, and they are all incentivized to tell the truth to keep the network honest.

  2. This is different than a central database because truth is determined by the controlling party of that database, where as Bitcoin and crypto are decentralized and have no overlaying governing body.

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#917

1. What does it mean when we say that in blockchain, consensus determine the truth?
Consensus in a blockchain means that the network is in agreement as to all the information in the database. This is done trustlessly.

2. How is this different from how truth is determined in a central database?
Central databases rely on trust between different parties with a central authority controlling the information retained in the database. Blockchain removes this central authority providing a trustless source of consensus in the network.

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#918

  1. When we say consensus determines the truth, we mean that the data network that is the blockchain verifies information to be true and each node is incentivised to be honest and verify only true information. This makes it impossible to cheat because of the networks ability to check and verify information multiple times before it is added to the blockchain. This creates a trustless system because you don’t have to trust an individual or group of individuals.

  2. It is different from how truth is determined in a central database because in a central database you really have to trust what information it is giving you. There is no easy way to verify all the data and so there is a higher chance that the information in the central database is false or not entirely true.

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#919

  1. consensus means joint agreement which is verification - trust is not needed

  2. combined ledgers create the incentive which verifies without a central authority making that determination

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#920
  1. means that in blockchain world, the truth belong to the majority of nodes participants whom will be rewarded after honestly acknowledging input data
  2. there are no such mechanism of verifying data input with no string attached participant aimed to collect autonomous reward by simply act honest
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#921
  1. It means that when most nodes disagree with some information, it gets discarded.
  2. Main incentive of public blockchain is truth, in centralized blockchain incentive may be different, therefore the truth maybe whatever they want to be.
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#922
  1. A transaction or piece of information is validated and verified by a group of independent parties. Only once all are in agreement that the request is accurate, will it be added to the blockchain.
  2. In a central database, there is usually a group, each inputting the information relevant to their contribution, but the information can be distorted to their preference without evidence of the trail. This information has to then be taken at face value and trusted that the information provided is honest. In the blockchain, the network are incentivised to deliver accurate and honest information.
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#923

  1. Consensus determines the truth because each actor has an incentive to record the correct information. False information is soon rejected by the other actors which would result in a loss for the bad actor.

  2. In a central database the truth is according to whoever writes the database.

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